NU Online News Service, Dec. 15, 3:37 p.m. EST
Pembroke, Bermuda-based reinsurer PartnerRe Ltd. said it has upped its loss estimate for the Sept. 3 New Zealand earthquake.
The carrier said it now expects its losses for the earthquake to be in the range of $140-$160 million, up from the company's initial estimate of $64 million included in its third-quarter 2010 financial results.
The revision is based on a review of recent information received from several cedants and reflects the higher than expected number of new claims filed in November and December, the company said. It also reflects engineering reports regarding the extent of land damage.
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